On the 13th of November 2017, the Cyprus House of Representatives voted a new law amending the Cyprus VAT Law N.95(I)/2000 (hereby referred to as VAT Law), which introduces VAT at the standard rate on the following supplies, harmonising thus the Cyprus VAT Law with the EU VAT Directive: 1) Sale of undeveloped building land by persons exercising economic activities. 2) Rental/lease of immovable property for business use (to lessees who will be using […]
Several employer deductions will be reduced or eliminated, including the cost of business-related entertainment expenses and qualified transportation fringe benefits, but employers may be able to claim a credit for a percentage of wages paid to qualifying employees on family and medical leave. Among other changes, the law repeals the deduction of alimony payments, and employees can no longer exclude moving expense reimbursements they receive from employers or deduct moving expenses they pay themselves.
The […]
In the framework of the official visit of the President of Cyprus to Saudi Arabia the two states signed a Double Tax Treaty agreement which is expected to contribute to the further development of trade and economic relations between the two States. The Agreement is based on the OECD Model Convention on the Avoidance of Double Taxation on Income and Capital and also provides for the exchange of bank and other information in accordance […]